Do you Pay for Financial Advice?
Comments
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In relation to the gardening analogy then surely most people are better passive in some areas and active in others. So rather than having just lawn, just shrubs, just vegetables then suitably allocating each of these elements in the appropriate area will be best for most.0
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MrsCautious wrote: »I have an IFA who takes a fee. I meet the criteria outlined above and am grateful for his sound advice to date. I was widowed young - I didn't have the confidence or to be fair the state of mind at that time, to begin to know what to do about my changed financial situation. I don't have the time, with family and work. He has been helping me for years now. I haven't followed his advice on paying off my mortgage due to higher interest rates being available. His experience comes into play with stocks and shares. I research and inform him of what I'm up to with savings. I have sought his advice since on various financial developments and he has been helpful without any charge on this - other than that we have two review meetings twice a year to catch up about investments.
My experience is IFAs can also help with critical illness and life insurance as well as shareholder protection agreements - and this is such an important area, and so worth doing. Sadly now having also lost my business partner, who was like a sister to me, the shareholder agreement put into place by an IFA has been crucial.
It's of course up to individuals whether and how much they value an advisor, though your footer suggests smaller amounts.
I think you are right about the mortgage, seems odd he doesn't appreciate the opportunity for an arbitrage in that case so long as you have sufficient flexibility and or alternatives.
I think the insurance element is largely a historical legacy issue, though if you have specialist needs or issues then they can act as an effective broker.
The shareholder protection agreements are a specialist an d niche area that won't affect most average people, thou I'd still have thought that a solicitor might be more appropriate, whether instead of or in addition to.0 -
Fatbritabroad wrote: »Yes assuming you have enough in ready cash to cover emergencies and are contributing to a pension
Where is a good place to begin reading up on this? For example a holding platform, how to invest in stocks and shares and will it be managed etc?0 -
Here is the Monevator article about comparing platforms:Been on Monevator, there is nothing obvious there in relation to S&Ss ISAs unless I have missed something?
http://monevator.com/compare-uk-cheapest-online-brokers/
You can open an S&S ISA on a platform. The S&S ISA is just the tax efficient wrapper for the fund(s) you decide to invest in. Monevator also has articles about passive investing and global passive multi asset funds like Vanguard LifeStrategy funds that you may find useful to research. You can invest up to £20k in one S&S ISA in each financial year.0 -
dunstonh is currently ahead in the race for the gardening metaphor Golden Smartie. Any other green fingered (perhaps from handling old Pound notes - remember them?) entries?Mr & Mrs True Passive's garden would not have any maintenance. It would be left to do whatever it does. Weeds, plants etc.
Mr & Mrs think-they-are Passsive's garden would be similar to Mr & Mrs True Passive except they would sneak out when no-one is looking and do a bit of garden management by deciding how much of each weed and plant they are going to have.0
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